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Write the first paragraph of your page here. Service Business - Ryan Seto The main goal of a service business is to sell services to the public. '''This business type does not produce or sell specific products to a market. It can be defined as expert or mastered work performed by a company to benefit its customers. These businesses earn a profit by selling these services instead of physical products. These services are intangible luxuries that consumers use to make their lives easier, which can include: transportation, medical, education, or business services. Some specific examples are public transportation, dental clinics, tutoring services, and accounting firms. Accounting clerks work in firms that are hired by other manufacturing or merchandising businesses to do various tasks such as: prepare financial reports and summaries, collect permanent records, gather financial information, etc. Some advantages of services businesses are that there is no inventory involved. When selling a service, you avoid shipment or inventory issues because there is no inventory to account for. This is beneficial to a person that owns a service business because rather than worrying about product quality or manufacturing errors, one can simply focus on selling themselves to perform services. Another advantage is that you're an expert in the field of the service. It is your responsibility to train employees and facilitate how the business runs. The service business model gives you more control over merchandising or manufacturing businesses. Although service businesses can be advantageous, then can also have disadvantages. In merchandising or manufacturing businesses, products are sold and there are costs for materials used to create products, shipping fees, and other various assets. Valuing these businesses are a lot easier since there are solid numbers to base your company off of. It is very difficult to value a service business and price services since it is possible to start up these businesses with little to no equipment. Another disadvantage of service businesses is that it is not a necessity. In difficult economic times consumers will continue to buy necessary products such as food, water, and clothing, whereas services are more of a luxury. People continue to debate whether or not a service can be defined as a good. Services can be considered goods that are instantaneously consumed at the time of purchase. Services cannot be used at a future time and stored like products can. Services are perishable in two ways: there is a specific allocated time and place for a service to be consumed and performed, and once the service has been executed, it disappears (example: A passenger has been sent on a train to the destination, and the train ride is over). Merchandising Business Write the second section of your page here. Manufacturing Business - Tommy Huang '''A manufacturing business makes money from the sale of finished goods. These businesses will first purchase raw materials such as steel, oil, or wood and then create a new product that can then be resold at a higher price. For example, a paper mill is a manufacturing business that turns the raw material, wood, into paper, which can then be sold to other businesses or consumers. Manufacturing businesses will often use an assembly line, where components of a product are assembled and then moved somewhere else to be assembled with more parts. For example, a car manufacturer could assemble the frame, then the engine, the wheels, and so on, until the car is complete. This method saves a lot of time and energy, as the tasks are more repetitive and require less training (you might only have to know how to install an engine onto a car, instead of knowing how to create the entire car) Manufacturing businesses are extremely important to society, as they create a source of easily used products. Consumers are saved from the task of having to create parts from scratch, and can instead simply purchase it from a specialized manufacturing business. There are 3 main types of manufacturing business: Make-to-stock: This type of business utilizes past sales data to predict future demand and adjust their production accordingly. One drawback of this method is the fact that demand can change quickly, and past data may not be accurate for future sales. Make-to-order: These businesses customize their products for every order based on specifications provided by the consumer. This takes longer but ensures that no excess products are wasted. Make-to-assemble: A combination of the other 2 approaches, this method uses past data to assemble basic components, but only assembles them after they are ordered. This allows them to customize orders and still be fairly fast. Non-Profit Organization - Zhi Ou Yang Non-Profit Organizations are organizations that work towards a social goal rather than for financial profit like the other businesses. The requirements for a Non-Profit Organization varies from different countries. In Canada, a Non-Profit organization is defined as a club, society, or association that's organized and operated solely forhttps://www.canada.ca/en/revenue-agency/services/tax/non-profit-organizations.html: * social welfare * civic improvement * pleasure or recreation * any other purpose except profit. Some major Non-Profit Organizations include: * UNICEF (United Nation's Children's Fund) * WWF (World Wildlife Fund) * Green Peace Although Non-Profit Organizations are treated similarly to charities in terms of both tax and allocating financial gains, they are not registered charities and are usually created for the purpose of sports, recreation, social welfare, and civic improvement. However, charities are usually Non-Profit Organizations. A registered charity can issue official donation receipts for income tax returns while a Non-Profit organization cannot. A good well-known example of a Non-Profit Organization would be UNICEF. UNICEF is a Non-Profit Humanitarian Organization that focuses primarily on saving children and providing to children and women in developing countries. They also focus on children's rights and aid them in acquiring basic necessities such as food, water, healthcare, disaster relief, and education. This is done by traveling to the communities and providing them with the necessities. Their organization is a registered charity and runs on private donations and government funding from Corporations, Government funding, Non-Government organizations, foundations, and private donators. Another Non-Profit Organization would be Volunteering Peel. Volunteering Peel is an organization that works toward helping teens achieve their volunteer hours. They are a Non-Profit Organization that is run by students for students. They are a Non-Profit Organization because they do not profit from their sponsors. Instead, they use the money provided to afford busing and transportation to make their events more accessible. Sponsors include Tim Hortons, Starbucks, Mississauga Environment Division, and Cineplex just to name a few. Non-Profit Organizations are important to society because many of them are charities which address some of the worlds most important issues such as Poverty, Education, Environment, Food, and Water. Their campaigns raise awareness about these important issues in the world today that needs to be addressed and changed. Sources https://study.com/academy/lesson/what-is-a-manufacturing-business-definition-examples.html https://www.oberlo.ca/ecommerce-wiki/manufacturing https://en.wikipedia.org/wiki/Assembly_line https://en.wikipedia.org/wiki/Service_(economics) http://smallbusiness.chron.com/advantages-disadvantages-service-business-26356.html http://www.businessdictionary.com/definition/service-business.html https://www.canada.ca/en/revenue-agency/services/tax/non-profit-organizations.html https://topnonprofits.com/lists/best-nonprofits-on-the-web/ http://www.charitycentral.ca/docs/rcornot-en.pdf https://www.unicefusa.org/about/faq#q-funding